Who, republican or democrat CEOs, laughs last? Political cycles in the market for corporate directors

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE Finance Research Letters Pub Date : 2024-11-08 DOI:10.1016/j.frl.2024.106428

Seong Jin Ahn , Changmin Lee

引用次数: 0

Abstract

This paper examines the relationship between CEOs' political preferences and their post-retirement directorship opportunities, proposing that political donations may serve as signals of political influence or connections that impact career prospects in the market for corporate directors. Using data on political contributions from 1998 to 2016, we explore whether CEOs' political affiliations create a cyclical pattern in the professional labor market, favoring those aligned with the ruling party. Our analysis reveals that Republican partisan CEOs are more successful in securing directorships under Republican regimes (George Walker Bush, 2003∼2008), while the reverse holds under Democratic regimes (Barack Hussein Obama, Jr. 2009∼2014). These results remain robust after addressing potential endogeneity using presidential election outcomes as an instrumental variable.

查看原文

微信好友朋友圈 QQ好友复制链接

本刊更多论文

共和党和民主党首席执行官谁笑到最后？公司董事市场的政治周期

本文研究了首席执行官的政治偏好与其退休后担任董事的机会之间的关系，提出政治捐款可能作为政治影响力或政治关系的信号，影响公司董事市场的职业前景。利用 1998 年至 2016 年的政治捐款数据，我们探讨了首席执行官的政治派别是否会在职业劳动力市场上形成一种周期性模式，有利于那些与执政党保持一致的人。我们的分析表明，在共和党执政时期（乔治-沃克-布什，2003∼2008 年），共和党党派首席执行官更容易获得董事职位，而在民主党执政时期（小巴拉克-侯赛因-奥巴马，2009∼2014 年）则相反。在使用总统选举结果作为工具变量来解决潜在的内生性问题后，这些结果仍然是稳健的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文去求助

来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance